Thursday October 23, 2008 - 09:49:56 GMT
Share This Story
Global-View - www.global-view.com
FX Blog- USD Trading Outlook: New York Open for October 23, 2008
USD Trading Outlook: New York Open for October 23, 2008
- Trading appears to be off to a calmer start heading into N.Y. today. The Nikkei closed down sharply again today but it was well of its worst levels of the session. One has to wonder if the selling climax might be approaching its conclusion for equities. Selling fatigue before the weekend?
- The Bush administration is set to propose another $40bln mortgage relief plan to Congress today. At one time, $40 bln seemed like a lot of money.
- Net USD moves from late Wednesday vs. the EUR, GBP, CHF and JPY have been relatively minor.
- The EMâ€™s are still on the radar screen, although the problems of Argentina had been widely expected for a long time.
- Commodity currencies (CAD and AUD) are weaker. The kiwi is steady. The 100bp cut in NZ rates today to 6.50% was widely expected. The RBZ signaled future rate cuts, but no more of that magnitude. Gold has fallen slightly.
- Crude oil prices are about steady into the emergency OPEC meeting tomorrow. A production cut has been signaled. European bourses are lower. E-Z new industrial orders were weaker than expected a short while ago. U.S. shares are expected to open modestly down. Weekly jobless claims are awaited.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."